I just recently turned 50. So, my "actual age" is 50.Â However, if I applied for life insurance a month before my birthday, the would have priced my policy based on my "nearest age" which was 50 even though I was only technically 49.
Many people don't realize that the life insurance company will generally issue a policy at the price/rate corresponding to whatever age they are closer to on the life start date.Â That means if you are six months into your 49th year or more when the policy is approved, the life insurance company will consider you to be 50 years old and charge you more.
But you can "save your age" to lower the rate.Â Remember, it may take weeks or even months to complete the life insurance application process.Â It is perfectly OK to back-date the "policy date" up to six months, in order to save your age and thus save you money. However, understand that when a policy is backdated to save age, the first policy year won't be a full year, even though you're paying for a full year. In exchange, you'll get to pay the rate of a person one year younger for the balance of the years you'll own the policy.

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